IMF's Viñals says ESM should backstop ECB's comprehensive assessment
The European Stability Mechanism (ESM) should be made available as one of the public backstops to the European Central Bank's (ECB's) forthcoming comprehensive assessment, according to José Viñals, an International Monetary Fund (IMF) director.
The ECB will conduct asset quality reviews and stress tests of 128 banks in the eurozone between now and October 2014 – a kind of cleansing process before assuming its supervisory role one month later.
Staff members at the central bank have insisted that
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